Making jewellery since the mid-80s, London-based Jane Adam has sharp memories of the early 90s downturn. But even though it was like 'walking off a cliff', it brought her back to the world of hands-on making. She talks about cash flow, sale-or-return contracts, and the risks of thoughtless cost-cutting.
Jane Adam in her studio; Photo: Dick Barnett, 2005
Neckpieces with two leaves (drop length approx: 100mm; Cable: 300-400mm) by Jane Adam; Material: Anodised, dyed and crazed aluminium with stainless steel wires and freshwater pearls.
How long have you been in business?
I've been making jewellery full time since 1985. I make relatively inexpensive production ranges, and some one-offs, specialising in anodised aluminium, dyed and coloured. Recently I've also been using silver, gold and stones.
Have you experienced challenging financial times during your career?
Yes, I have very vivid memories of the 1990-93 recession. They were tough times, and my business was affected very badly. I'd built up very quickly over five years, and when the 90s recession hit I was employing three part-time staff. It was walking off a cliff - a huge recession, and it became very unfashionable to spend money. Some people didn't have any, and those who did seemed embarrassed to be seen spending it. The last thing anyone needed was a pair of aluminium earrings.
What strategies did you adopt?
I had to look very carefully at what I was doing, and I made work which looked as if it was worth more. Non-precious jewellery is not something people really need: I had to make them desire it, make them unable to resist. So I started making really intensely decorated work. This led me to larger objects, such as clocks. But those three years were really hard. My three staff went immediately. I brought everything back in-house, did everything myself. Suddenly I was a maker again, which in some ways was quite good.
Have you recommendations for makers to diversify?
Diversification was vital to getting through that period. Right now, though, I am looking very carefully at what's happening. At the moment things are going well, but interestingly I'm selling more at the high end. It's easier for me to sell a necklace or a silver bangle for £500 than a pair of earrings for £100. That's what keeping me going, which is nice because I like making those sorts of things!
How can one cut costs when running a small business?
Craftspeople generally run micro-businesses, which are very flexible and can tackle crises creatively. I am currently drawing up Excel spreadsheets to monitor ingoings and outgoings, but the most important thing is to keep the cash flow going. For instance, I have a load of silver scrap I might usefully sell. But I do think there's a danger in just cost-cutting and withdrawing. It can seem as if you've given up. You have got to get out there and do more. Do more shows; work harder.
Any words of advice and encouragement for new makers?
If anything, new makers are the best placed. They have lots of time, they don't have mortgages and high overheads, they're lighter on their feet. Shops and galleries are suffering too, and one of my memories of the last recession is that some went into receivership. Some makers found they lost money or stock as a consequence. It was a shock to many of us to learn that, legally, work supplied becomes the property of the gallery on delivery, even if it has been loaned on Sale or Return, whether or not it has been paid for.
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